TPT Global Tech Inc (TPTW)

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The pandemic is reshaping commercial and residential real estate in New York City, and its ripple effects will impact politics and policy into next year. The New York Times reports housing will be a renter's market for the foreseeable future, with median rent dipping below $3,000 for the first time since 2011 and apartment vacancies tripling compared to last year. In the midst of the pandemic and the racial justice movement, Mayor Bill de Blasio is rethinking rezoning initiatives that would have displaced low-income residents and backing a push to rezone wealthier SoHo for more affordable housing.



According to the Real Estate Board of New York, the drop in the city's real estate investment and residential sales activity has led to a loss of $755 million in tax revenue for the city and state so far this year.


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